The basic purpose of this essay, the first of an intended pair, is to interpret standard von Neumann quantum theory in a framework of iterated measure algebraic truth for mathematical (and thus mathematical-physical) assertions — a framework, that is, in which the truth-values for such assertions are elements of iterated boolean measure-algebras (cf. Sections 2.2.9, 5.2.1–5.2.6 and 5.3 below).The essay itself employs constructions of Takeuti's boolean-valued analysis (whose origins lay in work of Scott, Solovay, Krauss and others) to provide a metamathematical interpretation of ideas sometimes considered disparate, heuristic, or simply ill-defined: the collapse of the wave function, for example; Everett's many worlds'-construal of quantum measurement; and a natural product space of contextual (nonlocal) hidden variables.